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Year 2013, Volume: 27 Issue: 3, 163 - 184, 19.02.2013

Ergün Küçük

Abstract

The quality of earnings announcements to a great extend depends on the information they provide for the needs of the users (investors, creditors etc.). The usefulness of earnings announcements is related with to what extent the information contributes to the decision-making process of the user. In order to improve the quality of earnings announcements, it is necessary to understand this contribution. The aim of this study is to provide a literature review of the research on the market response to earnings announcements and on the determinants of the magnitude of this response. The study specifically focuses on theoretical and empirical research about the different responses of various firms. The aim of the study is to promote empirical research based on Turkish case about the issue.

Keywords

Information Content of Earnings Announcements Earnings Response Coefficient (ERC) Unexpected Earnings Announcements Abnormal Returns.

References

  • Abarbanell, J.S.; Lanen, W.N. ve Verrecchia, R.E. (1995), “Analysts’ Forecasts as Proxies for Investor Beliefs in Empirical Research,” Journal of Accounting & Economics, 20, ss.31-60.
  • Ball, R. ve Brown, P. (1968), “An Empirical Evaluation of Accounting Income Numbers,” Journal of Accounting Research, 6(2), ss.159-178.
  • Bamber, L.S. (1987), “Unexpected Earnings, Firm Size, and Trading Volume Around Quarterly Earnings Announcements,” The Accounting Review, 62(3), ss.510-532.
  • Beaver, W.H.; Clarke, R. ve Wright, W.F. (1979), “The Association Between Unsystematic Security Returns and the Magnitude of Earnings Forecast Errors,” Journal of Accounting Research, 17(2), ss.316-340.
  • Beaver, W.H. (1968), “The Information Content of Annual Earnings Announcements,” Journal of Accounting Research, 6(Supplement), ss.67-92.
  • Butler, K.C. ve Han, K.C. (1994), “Market Response to Earnings Announcements: The Effects of Firm Characteristics,” Quarterly Journal of Business and Economics, 33(3), ss.3-15.
  • Chan, K.C. ve Chen, N. (1988), “An Unconditional Asset-Pricing Test and the Role of Firm Size as an Instrumental Variable for Risk,” The Journal of Finance, 43(2), ss.309-325.
  • Das, S.; Levine, C.B. ve Sivaramakrishnan, K. (1998), “Earnings Predictability and Bias in Analysts’ Earnings Forecasts,” The Accounting Review, 73(2), ss.277-294.
  • DeChow, P.M. ve Dichew, I.D. (2002), “The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors,” The Accounting Review, 77(Autumn), ss.35-59.
  • Dhaliwal, D.S.; Lee, K.J. ve Fargher, N.L. (1991), “The Association Between Unexpected Earnings and Abnormal Security Returns in the Presence of Financial Leverage,” Contemporary Accounting Research, 8(1), ss.20
  • Dhaliwal, D.S. ve Reynolds, S.S. (1994), “The Effect of the Default Risk of Debt on the Earnings Response Coefficient,” The Accounting Review, 69(2), ss.412-419.
  • Doğan, A.; Güngör Tanç, Ş. ve Tanç, A. (2008), “Makul Değer Muhasebesi ve İşletme Yönetimi Üzerine Etkileri,” Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 22(1), ss.453-473.
  • Ecker, F.; Francis, J.; Kim, I.; Olsson, P.M. ve Schipper, K. (2006), “A ReturnsBased Representation of Earnings Quality,” The Accounting Review, 81(4), ss.749-780.
  • Elliott, J.A. ve Hanna, J. D. (1996), “Repeated Accounting Write-Offs and the Information Content of Earnings,” Journal of Accounting Research, 34(Supplement), ss.135-155.
  • Elmas, B. ve Yıldırım, M. (2010), “Kriz Dönemlerinde Hisse Senedi Fiyatı ile İşlem Hacmi İlişkisi: İMKB’de İşlem Gören Bankacılık Sektör Hisseleri Üzerinde Bir Uygulama,” Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 24(2), ss.37-46.
  • Francis, J.; LaFond, R.; Olsson, P.M. ve Schipper, K. (2004), “Costs of Equity and Earnings Attributes,” The Accounting Review, 79(4), ss.967-1010.
  • Garman, M.B. ve Ohlson, J.A. (1980), “Information and the Sequential Valuation of Assets in Arbitrage-Free Economies,” Journal of Accounting Research, 18(2), ss.420-440.
  • Harter, C.I. (1991), “An Analysis of the Effect of Discretionary Cash on the Earnings Response Coefficient,” Doctor of Philosophy, University of Nebraska, Lincoln, Nebraska, UMI Dissertation Services.
  • Holthausen, R.W. ve Verrecchia, R.E. (1988), “The Effect of Sequential Information Releases on the Variance of Price Changes in an Intertemporal Multi-Asset Market,” Journal of Accounting Research, 26(1), ss.82-106.
  • Imhoff, E.A. ve Lobo, G.J. (1992), “The Effect of Ex Ante Earnings Uncertainty on Earnings Response Coefficients,” The Accounting Review, 67(2), ss.427-439.
  • Kormendi, R. ve Lipe, R. (1987), “Earnings Innovations, Earnings Persistence, and Stock Returns,” Journal of Business, 60(3), ss.323-345.
  • Kothari, S.P. (2001), “Capital Markets Research in Accounting,” Journal of Accounting & Economics, 31, ss.105-231.
  • Lev, B. (1989), “On the Usefulness of Earnings and Earnings Research: Lessons and Directions from Two Decades of Empirical Research,” Journal of Accounting Research, 27(Supplement), ss.153-192.
  • O’Brien, P.C. ve Bhushan, R. (1990), “Analyst Following and Institutional Ownership,”Journal of Accounting Research, 28(Supplement),ss.55-76. Ramakrishnan, R.T.S. ve Thomas, J.K. (1997), “Valuation of Permanent, Transitory and Price-Irrelevant Components of Reported Earnings,” Working Paper, Columbia Universitey Business School.
  • Scott, W. (2011), Financial Accounting Theory, Sixth Edition, Pearson Prentice Hall, Toronto.
  • Seaton III, L. (1991), “Economic Consequences of Accounting Regulation: An Empirical Analysis of Changes in Employers’Accounting For Pensions,” Doctor of Philosophy, University of Nebraska.
  • Visvanathan, G. (2006), “An Empirical Investigation of ‘Closeness to Cash As a Determinant of Earnings Response Coefficients,” Accounting and Business Research, 36(2), ss.109-120.
  • Watts, R.L. ve Zimmerman, J.L. (1990), “Positive Accounting Theory: A Ten Year Perspective,” The Accounting Review, 65(1), ss.131-156.
  • Wilson, W.M. (2005), “The Information Content of Earnings Following Restatements,” Doctor of Philosophy, University of North Carolina.
  • Zeghal, D. (1984), “Firm Size and the Informational Content of Financial Statements,” Journal of Financial and Quantitative Analysis, 19(3), ss.299-310.

HİSSE SENEDİ PİYASALARININ FİNANSAL TABLO DUYURULARINA TEPKİSİ VE BU TEPKİNİN BÜYÜKLÜĞÜNÜ BELİRLEYEN ETMENLER: LİTERATÜR İNCELEMESİ

Year 2013, Volume: 27 Issue: 3, 163 - 184, 19.02.2013

Ergün Küçük

Abstract

Finansal tabloların kaliteli olabilmesi, önemli ölçüde,
kullanıcıların (yatırımcı, kredi verenler vb.) ihtiyacına uygun bilgi
sunabilmesine bağlıdır. Finansal tabloların ihtiyaca uygun olması, tablolardaki
bilginin kullanıcının karar sürecine ne ölçüde katkıda bulunduğuyla ilişkilidir.
Bu katkının anlaşılması, finansal tabloların daha kaliteli hale getirilebilmesi
açısından büyük önem taşımaktadır. Bu çalışmanın amacı; hisse senedi
piyasalarının finansal tablo duyurularına yönelik tepkisini ve söz konusu
tepkinin büyüklüğünü belirleyen nedenleri araştıran literatürü özetlemektir.
Çalışmada, özellikle; finansal tablo duyurularına verilen piyasa tepkisi
büyüklüğünün, işletmeden işletmeye neden farklılık gösterdiğini tesbit etmeye
yönelik teorik ve ampirik temelli çalışmalara değinilmektedir. Bu çalışmanın,
ilgili konuda, Türkiye örneğinden hareket eden ampirik çalışmaların
yapılmasına kapı aralaması arzu edilmektedir.

Keywords

Kazanç Duyurularının Bilgi Değeri Kazançlara Tepki Katsayısı (KTK) Beklenmeyen Kazanç Duyuruları Anormal Getiriler

References

  • Abarbanell, J.S.; Lanen, W.N. ve Verrecchia, R.E. (1995), “Analysts’ Forecasts as Proxies for Investor Beliefs in Empirical Research,” Journal of Accounting & Economics, 20, ss.31-60.
  • Ball, R. ve Brown, P. (1968), “An Empirical Evaluation of Accounting Income Numbers,” Journal of Accounting Research, 6(2), ss.159-178.
  • Bamber, L.S. (1987), “Unexpected Earnings, Firm Size, and Trading Volume Around Quarterly Earnings Announcements,” The Accounting Review, 62(3), ss.510-532.
  • Beaver, W.H.; Clarke, R. ve Wright, W.F. (1979), “The Association Between Unsystematic Security Returns and the Magnitude of Earnings Forecast Errors,” Journal of Accounting Research, 17(2), ss.316-340.
  • Beaver, W.H. (1968), “The Information Content of Annual Earnings Announcements,” Journal of Accounting Research, 6(Supplement), ss.67-92.
  • Butler, K.C. ve Han, K.C. (1994), “Market Response to Earnings Announcements: The Effects of Firm Characteristics,” Quarterly Journal of Business and Economics, 33(3), ss.3-15.
  • Chan, K.C. ve Chen, N. (1988), “An Unconditional Asset-Pricing Test and the Role of Firm Size as an Instrumental Variable for Risk,” The Journal of Finance, 43(2), ss.309-325.
  • Das, S.; Levine, C.B. ve Sivaramakrishnan, K. (1998), “Earnings Predictability and Bias in Analysts’ Earnings Forecasts,” The Accounting Review, 73(2), ss.277-294.
  • DeChow, P.M. ve Dichew, I.D. (2002), “The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors,” The Accounting Review, 77(Autumn), ss.35-59.
  • Dhaliwal, D.S.; Lee, K.J. ve Fargher, N.L. (1991), “The Association Between Unexpected Earnings and Abnormal Security Returns in the Presence of Financial Leverage,” Contemporary Accounting Research, 8(1), ss.20
  • Dhaliwal, D.S. ve Reynolds, S.S. (1994), “The Effect of the Default Risk of Debt on the Earnings Response Coefficient,” The Accounting Review, 69(2), ss.412-419.
  • Doğan, A.; Güngör Tanç, Ş. ve Tanç, A. (2008), “Makul Değer Muhasebesi ve İşletme Yönetimi Üzerine Etkileri,” Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 22(1), ss.453-473.
  • Ecker, F.; Francis, J.; Kim, I.; Olsson, P.M. ve Schipper, K. (2006), “A ReturnsBased Representation of Earnings Quality,” The Accounting Review, 81(4), ss.749-780.
  • Elliott, J.A. ve Hanna, J. D. (1996), “Repeated Accounting Write-Offs and the Information Content of Earnings,” Journal of Accounting Research, 34(Supplement), ss.135-155.
  • Elmas, B. ve Yıldırım, M. (2010), “Kriz Dönemlerinde Hisse Senedi Fiyatı ile İşlem Hacmi İlişkisi: İMKB’de İşlem Gören Bankacılık Sektör Hisseleri Üzerinde Bir Uygulama,” Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 24(2), ss.37-46.
  • Francis, J.; LaFond, R.; Olsson, P.M. ve Schipper, K. (2004), “Costs of Equity and Earnings Attributes,” The Accounting Review, 79(4), ss.967-1010.
  • Garman, M.B. ve Ohlson, J.A. (1980), “Information and the Sequential Valuation of Assets in Arbitrage-Free Economies,” Journal of Accounting Research, 18(2), ss.420-440.
  • Harter, C.I. (1991), “An Analysis of the Effect of Discretionary Cash on the Earnings Response Coefficient,” Doctor of Philosophy, University of Nebraska, Lincoln, Nebraska, UMI Dissertation Services.
  • Holthausen, R.W. ve Verrecchia, R.E. (1988), “The Effect of Sequential Information Releases on the Variance of Price Changes in an Intertemporal Multi-Asset Market,” Journal of Accounting Research, 26(1), ss.82-106.
  • Imhoff, E.A. ve Lobo, G.J. (1992), “The Effect of Ex Ante Earnings Uncertainty on Earnings Response Coefficients,” The Accounting Review, 67(2), ss.427-439.
  • Kormendi, R. ve Lipe, R. (1987), “Earnings Innovations, Earnings Persistence, and Stock Returns,” Journal of Business, 60(3), ss.323-345.
  • Kothari, S.P. (2001), “Capital Markets Research in Accounting,” Journal of Accounting & Economics, 31, ss.105-231.
  • Lev, B. (1989), “On the Usefulness of Earnings and Earnings Research: Lessons and Directions from Two Decades of Empirical Research,” Journal of Accounting Research, 27(Supplement), ss.153-192.
  • O’Brien, P.C. ve Bhushan, R. (1990), “Analyst Following and Institutional Ownership,”Journal of Accounting Research, 28(Supplement),ss.55-76. Ramakrishnan, R.T.S. ve Thomas, J.K. (1997), “Valuation of Permanent, Transitory and Price-Irrelevant Components of Reported Earnings,” Working Paper, Columbia Universitey Business School.
  • Scott, W. (2011), Financial Accounting Theory, Sixth Edition, Pearson Prentice Hall, Toronto.
  • Seaton III, L. (1991), “Economic Consequences of Accounting Regulation: An Empirical Analysis of Changes in Employers’Accounting For Pensions,” Doctor of Philosophy, University of Nebraska.
  • Visvanathan, G. (2006), “An Empirical Investigation of ‘Closeness to Cash As a Determinant of Earnings Response Coefficients,” Accounting and Business Research, 36(2), ss.109-120.
  • Watts, R.L. ve Zimmerman, J.L. (1990), “Positive Accounting Theory: A Ten Year Perspective,” The Accounting Review, 65(1), ss.131-156.
  • Wilson, W.M. (2005), “The Information Content of Earnings Following Restatements,” Doctor of Philosophy, University of North Carolina.
  • Zeghal, D. (1984), “Firm Size and the Informational Content of Financial Statements,” Journal of Financial and Quantitative Analysis, 19(3), ss.299-310.
There are 30 citations in total.

Details

Primary Language Turkish
Journal Section Makaleler
Authors

Ergün Küçük

Publication Date February 19, 2013
Published in Issue Year 2013 Volume: 27 Issue: 3

Cite

APA Küçük, E. (2013). HİSSE SENEDİ PİYASALARININ FİNANSAL TABLO DUYURULARINA TEPKİSİ VE BU TEPKİNİN BÜYÜKLÜĞÜNÜ BELİRLEYEN ETMENLER: LİTERATÜR İNCELEMESİ. Atatürk Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 27(3), 163-184.

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